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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 10-Q


☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________________ to __________________

Commission file number 1-278

EMERSON ELECTRIC CO.
(Exact name of registrant as specified in its charter)
Missouri
logo_emersona12.jpg
43-0259330
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
8000 W. Florissant Ave. 
 
P.O. Box 4100
St. Louis,Missouri63136
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (314) 553-2000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock of $0.50 par value per shareEMRNew York Stock Exchange
NYSE Chicago
0.375% Notes due 2024EMR 24New York Stock Exchange
1.250% Notes due 2025EMR 25ANew York Stock Exchange
2.000% Notes due 2029EMR 29New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐








Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock of $0.50 par value per share outstanding at June 30, 2023: 571.5 million shares.







PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

Consolidated Statements of Earnings
EMERSON ELECTRIC CO. & SUBSIDIARIES
Three and nine months ended June 30, 2022 and 2023
(Dollars in millions, except per share amounts; unaudited)
 
 Three Months Ended
June 30,		Nine Months Ended
June 30,
 2022 2023 2022 2023 
Net sales$3,465 3,946 9,912 11,075 
Cost of sales1,879 1,952 5,435 5,660 
Selling, general and administrative expenses894 1,042 2,631 3,072 
Gain on subordinated interest— — (453)— 
Other deductions, net264 191 330 420 
Interest expense (net of interest income of $11, $58, $18 and $96, respectively)
50 10 140 111 
Interest income from related party— (10)— (10)
Earnings from continuing operations before income taxes378 761 1,829 1,822 
Income taxes123 158 399 390 
Earnings from continuing operations255 603 1,430 1,432 
Discontinued operations, net of tax: $120, $2,014, $260 and $3,019, respectively
697 8,763 1,092 11,030 
Net earnings952 9,366 2,522 12,462 
Less: Noncontrolling interests in subsidiaries31 14 31 (13)
Net earnings common stockholders$921 9,352 2,491 12,475 
Earnings common stockholders:
Earnings from continuing operations226 592 1,400 1,451 
Discontinued operations695 8,760 1,091 11,024 
Net earnings common stockholders$921 9,352 2,491 12,475 
Basic earnings per share common stockholders:
     Earnings from continuing operations$0.38 1.04 2.36 2.52 
     Discontinued operations1.17 15.32 1.83 19.15 
Basic earnings per common share$1.55 16.36 4.19 21.67 
Diluted earnings per share common stockholders:
Earnings from continuing operations$0.38 1.03 2.34 2.51 
Discontinued operations1.16 15.25 1.83 19.05 
Diluted earnings per common share$1.54 16.28 4.17 21.56 
Weighted average outstanding shares:
Basic592.8 570.9 593.6 575.1 
Diluted596.2 574.0 596.9 578.1 
 See accompanying Notes to Consolidated Financial Statements.





1



Consolidated Statements of Comprehensive Income
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and nine months ended June 30, 2022 and 2023
(Dollars in millions; unaudited)
 Three Months Ended June 30,Nine Months Ended June 30,
 2022 2023 2022 2023 
Net earnings$952 9,366 2,522 12,462 
Other comprehensive income (loss), net of tax:
Foreign currency translation(187)86 (319)437 
Pension and postretirement18 10 54 (23)
Cash flow hedges(27)(19)(17)4 
        Total other comprehensive income (loss)(196)77 (282)418 
Comprehensive income756 9,443 2,240 12,880 
Less: Noncontrolling interests in subsidiaries30 15 29 (8)
Comprehensive income common stockholders$726 9,428 2,211 12,888 


































See accompanying Notes to Consolidated Financial Statements.





2



Consolidated Balance Sheets
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts; unaudited)
 Sept 30, 2022June 30, 2023
ASSETS  
Current assets  
Cash and equivalents$1,804 9,957 
Receivables, less allowances of $100 and $100, respectively
2,261 2,491 
Inventories1,742 2,085 
Other current assets1,301 1,227 
Current assets held-for-sale1,398 — 
Total current assets8,506 15,760 
Property, plant and equipment, net2,239 2,268 
Other assets 
Goodwill13,946 14,131 
Other intangible assets6,572 6,147 
Copeland note receivable and equity investment— 3,359 
Other2,151 2,508 
Noncurrent assets held-for-sale2,258 — 
Total other assets24,927 26,145 
Total assets$35,672 44,173 
LIABILITIES AND EQUITY  
Current liabilities  
Short-term borrowings and current maturities of long-term debt$2,115 667 
Accounts payable1,276 1,218 
Accrued expenses3,038 4,729 
Current liabilities held-for-sale1,348 — 
Total current liabilities7,777 6,614 
Long-term debt8,259 7,642 
Other liabilities3,153 3,504 
Noncurrent liabilities held-for-sale167 — 
Equity  
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 591.4 shares and 571.5 shares, respectively
477 477 
Additional paid-in-capital57 112 
Retained earnings28,053 39,624 
Accumulated other comprehensive income (loss)(1,485)(1,072)
Cost of common stock in treasury, 362.0 shares and 381.9 shares, respectively
(16,738)(18,677)
Common stockholders’ equity10,364 20,464 
Noncontrolling interests in subsidiaries5,952 5,949 
Total equity16,316 26,413 
Total liabilities and equity$35,672 44,173 
See accompanying Notes to Consolidated Financial Statements.





3



Consolidated Statements of Equity
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and nine months ended June 30, 2022 and 2023
(Dollars in millions; unaudited)
Three Months Ended June 30,Nine Months Ended June 30,
2022 2023 2022 2023 
Common stock$477 477 477 477 
Additional paid-in-capital
     Beginning balance579 138 522 57 
     Stock plans13 30 70 111 
     AspenTech purchases of common stock— (56)— (56)
     AspenTech acquisition (550)— (550)— 
        Ending balance42 112 42 112 
Retained earnings
     Beginning balance27,003 30,571 26,047 28,053 
     Net earnings common stockholders921 9,352 2,491 12,475 
Dividends paid (per share: $0.515, $0.52 $1.545 and $1.56, respectively)
(306)(299)(920)(904)
        Ending balance27,618 39,624 27,618 39,624 
Accumulated other comprehensive income (loss)
     Beginning balance(957)(1,148)(872)(1,485)
     Foreign currency translation(186)85 (317)432 
     Pension and postretirement18 10 54 (23)
     Cash flow hedges(27)(19)(17)4 
        Ending balance(1,152)(1,072)(1,152)(1,072)
Treasury stock
     Beginning balance(16,527)(18,678)(16,291)(16,738)
     Purchases(145)— (430)(2,000)
     Issued under stock plans2 1 51 61 
        Ending balance(16,670)(18,677)(16,670)(18,677)
Common stockholders' equity10,315 20,464 10,315 20,464 
Noncontrolling interests in subsidiaries
     Beginning balance39 5,987 40 5,952 
     Net earnings (loss)31 14 31 (13)
     Stock plans15 21 15 79 
     AspenTech purchases of common stock— (44)— (44)
     Other comprehensive income(1)1 (2)5 
     Dividends paid(2)(1)(2)(1)
     AspenTech acquisition5,890 — 5,890 — 
Climate Technologies divestiture— (29)— (29)
        Ending balance5,972 5,949 5,972 5,949 
Total equity$16,287 26,413 16,287 26,413 

See accompanying Notes to Consolidated Financial Statements.





4



Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. & SUBSIDIARIES
Nine Months Ended June 30, 2022 and 2023
(Dollars in millions; unaudited)
Nine Months Ended
June 30,
 2022 2023 
Operating activities  
Net earnings$2,522 12,462 
Earnings from discontinued operations, net of tax(1,092)(11,030)
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization571 780 
        Stock compensation91 198 
        Changes in operating working capital(361)(369)
        Gain on subordinated interest(453)— 
        Other, net(43)(322)
            Cash from continuing operations1,235 1,719 
            Cash from discontinued operations470 (439)
            Cash provided by operating activities1,705 1,280 
Investing activities
Capital expenditures(199)(194)
Purchases of businesses, net of cash and equivalents acquired(5,615)— 
Proceeds from subordinated interest438 15 
Proceeds from related party note receivable— 918 
Other, net(38)(124)
    Cash from continuing operations(5,414)615 
    Cash from discontinued operations439 12,485 
    Cash provided by (used in) investing activities(4,975)13,100 
Financing activities
Net increase (decrease) in short-term borrowings1,633 (1,476)
Proceeds from short-term borrowings greater than three months1,162 395 
Payments of short-term borrowings greater than three months(445)(400)
Proceeds from long-term debt2,975 — 
Payments of long-term debt(512)(744)
Dividends paid(918)(900)
Purchases of common stock(418)(2,000)
AspenTech purchases of common stock— (100)
Payment of related party note payable— (918)
Other, net80 (159)
    Cash provided by (used in) financing activities3,557 (6,302)
Effect of exchange rate changes on cash and equivalents(112)75 
Increase in cash and equivalents175 8,153 
Beginning cash and equivalents2,354 1,804 
Ending cash and equivalents$2,529 9,957 
Changes in operating working capital
Receivables$31 (114)
Inventories(353)(259)
Other current assets(75)27 
Accounts payable64 (71)
Accrued expenses(28)48 
Total changes in operating working capital$(361)(369)
See accompanying Notes to Consolidated Financial Statements.





5



Notes to Consolidated Financial Statements
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts or where noted)

(1) BASIS OF PRESENTATION

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2022.

Over the past two years, Emerson Electric Co. ("Emerson" or the "Company") has taken significant actions to accelerate the transformation of its portfolio through the completion of strategic acquisitions and divestitures of non-core businesses. The Company's recent portfolio actions include the combination of its industrial software businesses with Aspen Technology, Inc., with the Company owning 55 percent of the outstanding shares of the combined entity on a fully diluted basis upon closing of the transaction on May 16, 2022, the sale of its Therm-O-Disc business, which was completed on May 31, 2022, the sale of its InSinkErator business, which was completed on October 31, 2022, the sale of a majority stake in its Climate Technologies business, which was completed on May 31, 2023, and the pending acquisition of National Instruments Corporation ("NI"), which was approved by NI shareholders on June 29, 2023 and is expected to close in the first half of Emerson’s fiscal 2024, subject to the completion of customary closing conditions and regulatory approvals.

Certain prior year amounts have been reclassified to conform to the current year presentation. This includes reporting financial results for Climate Technologies, InSinkErator and Therm-O-Disc as discontinued operations for all periods presented, and the assets and liabilities of Climate Technologies and InSinkErator (prior to completion of the divestitures) as held-for-sale (see Note 5). In addition, as a result of its portfolio transformation, the Company now reports six segments and two business groups (see Note 14).

(2) REVENUE RECOGNITION

Emerson is a global manufacturer that combines technology and engineering to provide innovative solutions to its customers, largely in the form of tangible products. The majority of the Company's revenues relate to a broad offering of manufactured products which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues.

The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities.     
Sept 30, 2022June 30, 2023
Unbilled receivables (contract assets)$1,390 1,385 
Customer advances (contract liabilities)(776)(985)
      Net contract assets (liabilities)$614 400 
    
The majority of the Company's contract balances relate to (1) arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule, and (2) revenue from term software license arrangements sold by AspenTech where the license revenue is recognized upfront upon delivery. The decrease in net contract assets was due to customer billings exceeding revenue recognized for performance completed during the period. Revenue recognized for the three and nine months ended June 30, 2023 included $59 and $500, respectively, that was included in the beginning contract liability balance. Other factors that impacted the change in net contract assets were immaterial. Revenue recognized for the three and nine months ended June 30,





6



2023 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was not material.

As of June 30, 2023, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.2 billion (of which $1.3 billion was attributable to AspenTech). The Company expects to recognize approximately 80 percent of its remaining performance obligations as revenue over the next 12 months, with the remainder substantially over the following two years.     

(3) COMMON SHARES

Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.
Three Months Ended
June 30,		Nine Months Ended
June 30,
 2022 2023 2022 2023 
Basic shares outstanding592.8 570.9 593.6 575.1 
Dilutive shares3.4 3.1 3.3 3.0 
Diluted shares outstanding596.2 574.0 596.9 578.1 
 
(4) ACQUISITIONS AND DIVESTITURES

Aspen Technology

On May 16, 2022, the Company completed the transactions contemplated by its definitive agreement with Aspen Technology, Inc. ("Heritage AspenTech") to contribute two of Emerson's stand-alone industrial software businesses, Open Systems International, Inc. and the Geological Simulation Software business (collectively, the “Emerson Industrial Software Business”), along with approximately $6.0 billion in cash to Heritage AspenTech stockholders, to create "New AspenTech", a diversified, high-performance industrial software leader with greater scale, capabilities and technologies (defined as "AspenTech" herein). Upon closing of the transaction, Emerson owned 55 percent of the outstanding shares of AspenTech common stock (on a fully diluted basis) and former Heritage AspenTech stockholders owned the remaining outstanding shares of AspenTech common stock. AspenTech and its subsidiaries now operate under Heritage AspenTech’s previous name “Aspen Technology, Inc.” and AspenTech common stock is traded on NASDAQ under AspenTech’s previous stock ticker symbol “AZPN.”

The business combination has been accounted for using the acquisition method of accounting with Emerson considered the accounting acquirer of Heritage AspenTech. The net assets of Heritage AspenTech were recorded at their estimated fair value and for the Emerson Industrial Software Business continue at their historical basis. The Company recorded a noncontrolling interest of $5.9 billion for the 45 percent ownership interest of former Heritage AspenTech stockholders in AspenTech. The noncontrolling interest associated with the Heritage AspenTech acquired net assets was recorded at fair value determined using the closing market price per share of Heritage AspenTech as of May 16, 2022, while the portion attributable to the Emerson Industrial Software business was recorded at its historical carrying amount. The impact of recognizing the noncontrolling interest in the Emerson Industrial Software Business resulted in a decrease to additional paid-in-capital of $550.
The following table summarizes the components of the purchase consideration reflected in the acquisition accounting using Heritage AspenTech's shares outstanding and closing market price per share as of May 16, 2022 (in millions except share and per share data):
Heritage AspenTech shares outstanding66,662,482 
Heritage AspenTech share price$166.30 
Purchase price$11,086 
Value of stock-based compensation awards attributable to pre-combination service102 
Total purchase consideration$11,188 








7



The total purchase consideration for Heritage AspenTech was allocated to assets and liabilities as follows.

Cash and equivalents$274 
Receivables43 
Other current assets280 
Property, plant equipment4 
Goodwill ($34 expected to be tax-deductible)
7,225 
Other intangible assets4,390 
Other assets513 
Total assets12,729 
Short-term borrowings27 
Accounts payable8 
Accrued expenses115 
Long-term debt255 
Deferred taxes and other liabilities1,136 
Total purchase consideration$11,188 

Emerson's cash contribution of approximately $6.0 billion was paid out at approximately $87.69 per share (on a fully diluted basis) to holders of issued and outstanding shares of Heritage AspenTech common stock as of the closing of the transactions, with $168 of cash remaining on AspenTech's balance sheet as of the closing which is not included in the allocation of purchase consideration above.

The estimated intangible assets attributable to the transaction are comprised of the following (in millions):

AmountEstimated Weighted Average Life (Years)
Developed technology $1,350 10
Customer relationships 2,300 15
Trade names430 Indefinite-lived
Backlog310 3
Total $4,390 

Results of operations for the three and nine months ended June 30, 2023 attributable to the Heritage AspenTech acquisition include sales of $257 and $576, respectively, compared to $173 for the three and nine months ended June 30, 2022, while the impact to GAAP net earnings was not material in both years.

Pro Forma Financial Information

The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of Heritage AspenTech occurred on October 1, 2020. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts).
 Three Months Ended June 30,Nine Months Ended June 30,
 2022 2022 
Net Sales$3,520 $10,326 
Net earnings from continuing operations common stockholders$268 $1,426 
Diluted earnings per share from continuing operations$0.45 $2.39 






8



The pro forma results for the nine months ended June 30, 2022 include $159 of transaction costs which were assumed to be incurred in the first fiscal quarter of 2021. Of these transaction costs, $61 and $91 were included in the Company's reported results for the three and nine months ended June 30, 2022, respectively, but have been excluded from the fiscal 2022 pro forma results above. In addition, Heritage AspenTech incurred $68 of transaction costs prior to the completion of the acquisition that were not included in Emerson's reported results. The pro forma results for the nine months ended June 30, 2022 include estimated interest expense of $56 related to the issuance of $3 billion of term debt and increased commercial paper borrowings to fund the acquisition.

Other Transactions

On April 12, 2023, Emerson announced an agreement to acquire National Instruments Corporation ("NI") for $60 per share in cash at an equity value of $8.2 billion. The effective price per share is $59.61 considering shares previously acquired by Emerson, see Note 12. NI, which provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, had revenues of $1.66 billion in 2022. On June 29, 2023, NI's shareholders voted to approve the proposed transaction and it is expected to close in the first half of Emerson’s fiscal 2024, subject to the completion of customary closing conditions and regulatory approvals.

On July 27, 2022, AspenTech entered into an agreement to acquire Micromine, a global leader in design and operational solutions for the mining industry, for AU$900 (approximately $623 USD based on exchange rates when the transaction was announced). On August 1, 2023, AspenTech announced the termination of the agreement to purchase Micromine. AspenTech, along with the sellers of Micromine, had been waiting to secure a final Russian regulatory approval as a condition to the closing of the transaction. As this process continued, the timing and requirements necessary to get this approval became increasingly unclear. This lack of clarity on the potential for, and timing of, a successful review led AspenTech and the sellers of Micromine to this mutual course of action. AspenTech will not pay any termination fee as part of this arrangement.

On March 31, 2023, Emerson completed the divestiture of Metran, its Russia-based manufacturing subsidiary. In the first quarter of fiscal 2023, the Company recognized a pretax loss of $47 in Other deductions ($47 after-tax, in total $0.08 per share) related to its exit of business operations in Russia. In the third quarter of fiscal 2022, the Company announced its intention to exit business operations in Russia and recognized a pretax loss of $162 ($174 after-tax, in total $0.29 per share). This charge included a loss of $32 in operations and $130 reported in Other deductions ($9 of which is reported in restructuring costs) and was primarily non-cash.
In the first quarter of fiscal 2022, the Company received a distribution of $438 related to its subordinated interest in Vertiv (in total, a pretax gain of $453 was recognized in the first quarter of fiscal 2022, $358 after-tax, $0.60 per share) and received the remaining $15 related to the pretax gain in the first quarter of fiscal 2023. Based on the terms of the agreement and the current calculation, the Company could receive additional distributions of approximately $150 which are expected to be received over the next two-to-three years. However, the distributions are contingent on the timing and price at which Vertiv shares are sold by the equity holders and therefore, there can be no assurance as to the amount or timing of the remaining distributions to the Company.
(5) DISCONTINUED OPERATIONS

On May 31, 2023, the Company completed the previously announced sale of a majority stake in its Climate Technologies business (which constitutes the former Climate Technologies segment, excluding Therm-O-Disc which was divested earlier in fiscal 2022) to private equity funds managed by Blackstone in a $14.0 billion transaction. Emerson received upfront, pre-tax cash proceeds of approximately $9.7 billion (an increase of $0.2 billion from when the transaction was announced due to Blackstone's decision to purchase an additional 5 percent of the common equity) and a note receivable with a face value of $2.25 billion (which will accrue 5 percent interest payable in kind by capitalizing interest), while retaining a 40 percent non-controlling common equity interest (down from 45 percent when the transaction was announced) in a new standalone joint venture between Emerson and Blackstone. The Climate Technologies business, which includes the Copeland compressor business and the entire portfolio of products and services across all residential and commercial HVAC and refrigeration end-markets, had fiscal 2022 net sales of approximately $5.0 billion and pretax earnings of $1.0 billion. The Company recognized a pretax gain of approximately $10.6 billion (approximately $8.4 billion after-tax including tax expense recognized in prior quarters related to subsidiary restructurings). The new standalone business is named Copeland. See Note 10 for further details.






9



On October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation for $3.0 billion. This business had net sales of $630 and pretax earnings of $152 in fiscal 2022. The Company recognized a pretax gain of approximately $2.8 billion (approximately $2.1 billion after-tax) in the first quarter of fiscal 2023.

On May 31, 2022 the Company completed the divestiture of its Therm-O-Disc sensing and protection technologies business to an affiliate of One Rock Capital Partners, LLC. The Company recognized a pretax gain of $486 ($429 after-tax) in the third fiscal quarter of 2022.

The financial results of Climate Technologies, InSinkErator ("ISE") and Therm-O-Disc ("TOD") (through the completion of the divestitures), are reported as discontinued operations for the three and nine months ended June 30, 2023 and 2022 and were as follows:

Climate TechnologiesISE and TODTotal
 Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,
 2022 2023 2022 2023 2022 2023 
Net sales $1,325 847 215 — 1,540 847 
Cost of sales 892 516 137 — 1,029 516 
SG&A129 122 29 — 158 122 
Gain on sale of business — (10,576)— — — (10,576)
Other deductions, net 14 8 (478)— (464)8 
Earnings before income taxes 290 10,777 527 — 817 10,777 
Income taxes 63 2,014 57 — 120 2,014 
Earnings, net of tax $227 8,763 470 — 697 8,763 
Climate TechnologiesISE and TODTotal
Nine Months Ended June 30,Nine Months Ended June 30,Nine Months Ended June 30,
2022 2023 2022 2023 2022 2023 
Net sales$3,659 3,156 698 49 4,357 3,205 
Cost of sales2,520 2,000 443 29 2,963 2,029 
SG&A383 391 98 8 481 399 
Gain on sale of business— (10,576)— (2,783)— (13,359)
Other deductions, net26 75 (465)12 (439)87 
Earnings before income taxes730 11,266 622 2,783 1,352 14,049 
Income taxes158 2,366 102 653 260 3,019 
Earnings, net of tax$572 8,900 520 2,130 1,092 11,030 

Climate Technologies' results for the three and nine months ended June 30, 2023 include lower expense of $26 and $96, respectively, due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $57 of transaction-related costs for the nine months ended June 30, 2023. Income taxes for the nine months ended June 30, 2023 included approximately $2.2 billion for the gain on the Copeland transaction and subsidiary restructurings in prior quarters, and approximately $660 related to the gain on the InSinkErator divestiture.






10



The aggregate carrying amounts of the major classes of assets and liabilities classified as held-for-sale as of June 30, 2023 and September 30, 2022 are summarized as follows:

Climate TechnologiesISETotal
 Sept. 30,June 30,Sept. 30,June 30,Sept. 30,June 30,
Assets2022 2023 2022 2023 2022 2023 
   Receivables$747 — 68 — 815 — 
   Inventories449 — 81 — 530 — 
   Other current assets49 — 4 — 53 — 
   Property, plant & equipment, net1,122 — 141 — 1,263 — 
   Goodwill716 — 2 — 718 — 
   Other noncurrent assets265 — 12 — 277 — 
Total assets held-for-sale$3,348 — 308 — 3,656 — 
Liabilities
   Accounts payable$752 — 60 — 812 — 
   Other current liabilities475 — 61 — 536 — 
   Deferred taxes and other
     noncurrent liabilities
154 — 13 — 167 — 
Total liabilities held-for-sale$1,381 — 134 — 1,515 — 

Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the nine months ended June 30, 2023 and 2022 were as follows:

Climate TechnologiesISE and TODTotal
 Nine Months Ended June 30,Nine Months Ended June 30,Nine Months Ended June 30,
 2022 2023 2022 2023 2022 2023 
Cash from operating activities$486 156 (16)(595)470 (439)
Cash from investing activities$(112)9,430 551 3,055 439 12,485 

Cash from operating activities for the nine months ended June 30, 2023 reflects approximately $750 of income taxes paid related to the gain on the InSinkErator divestiture and the Climate Technologies subsidiary restructurings and the impact from transaction fees. Cash from investing activities for the nine months ended June 30, 2023 reflects the proceeds of approximately $9.7 billion related to the Copeland transaction and approximately $3.0 billion related to the InSinkErator divestiture.

(6) PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended June 30,Nine Months Ended June 30,
 2022 2023 2022 2023 
Service cost$19 12 $57 36 
Interest cost34 54 102 162 
Expected return on plan assets
(78)(71)(234)(213)
Net amortization23 (18)69 (58)
Total$(2)(23)$(6)(73)






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(7) OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:
 Three Months Ended
June 30,		Nine Months Ended
June 30,
 2022 2023 2022 2023 
Amortization of intangibles (intellectual property and
  customer relationships)		$93 120 207 357 
Restructuring costs29 12 44 41 
Acquisition/divestiture costs61 38 91 48 
Foreign currency transaction (gains) losses(11)22 (38)41 
Investment-related gains & gains from sales of capital
  assets
— (26)(16)(63)
Loss on Copeland equity method investment— 61 — 61 
Russia business exit121 — 121 47 
Other(29)(36)(79)(112)
Total$264 191 330 420 

Intangibles amortization for the three and nine months ended June 30, 2023 included $65 and $193, respectively, related to the Heritage AspenTech acquisition, compared to $32 for the three and nine months ended June 30, 2022. Foreign currency transaction gains/losses for the three and nine months ended June 30, 2023 included a mark-to-market gain of $3 and $24, respectively, related to foreign currency forward contracts entered into by AspenTech to mitigate the impact of foreign currency exchange associated with the Micromine purchase price. On June 21, 2023, AspenTech terminated all outstanding foreign currency forward contracts. The Company recognized a mark-to-market gain of $12 and $47 for the three and nine months ended June 30, 2023, respectively, related to its equity investment in National Instruments Corporation (see Note 12 for further information). Other is composed of several items, including pension expense, litigation costs, provision for bad debt and other items, none of which is individually significant.







12



(8) RESTRUCTURING COSTS

Restructuring expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The Company expects fiscal 2023 restructuring expense and related costs to be approximately $110, including costs to complete actions initiated in the first nine months of the year.

Restructuring expense by business segment follows:

 Three Months Ended June 30,Nine Months Ended
June 30,
 2022 2023 2022 2023 
Final Control$8 (2)12 (1)
Measurement & Analytical4 1 9 2 
Discrete Automation1 12 4 20 
Safety & Productivity(1)(1)— 1 
Intelligent Devices12 10 25 22 
Control Systems & Software7 1 8 7 
AspenTech1 — 1 — 
Software and Control 8 1 9 7 
Corporate9 1 10 12 
Total$29 12 44 41 
Details of the change in the liability for restructuring costs during the nine months ended June 30, 2023 follow:
 Sept 30, 2022ExpenseUtilized/PaidJune 30, 2023
Severance and benefits$117 18 49 86 
Other5 23 26 2 
Total$122 41 75 88 
The tables above do not include $11 and $1 of costs related to restructuring actions incurred for the three months ended June 30, 2022 and 2023, respectively, that are required to be reported in cost of sales and selling, general and administrative expenses; year-to-date amounts are $24 and $13, respectively.
 
(9) TAXES

Income taxes were $158 in the third quarter of fiscal 2023 and $123 in 2022, resulting in effective tax rates of 21 percent and 33 percent, respectively. The prior year rate reflected a 12 percentage point impact from the Russia business exit.

Income taxes were $390 in the first nine of months of fiscal 2023 and $399 in 2022, resulting in effective tax rates of 21 percent and 22 percent, respectively. The prior year rate reflected the impact of the Russia business exit which was essentially offset by a benefit related to the completion of tax examinations.
On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic, and among other things, provides tax relief to businesses. Tax provisions of the CARES Act include the deferral of certain payroll taxes, relief for retaining employees, and other provisions. The Company deferred $73 of certain payroll taxes through the end of calendar year 2020, of which approximately $37 was paid in December 2021 and the remainder was paid in December 2022.







13



(10) EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE

As discussed in Note 5, the Company completed the divestiture of a majority stake in Copeland on May 31, 2023, and received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion, while retaining a 40 percent non-controlling common equity interest in Copeland. As a result of the transaction, the Company deconsolidated Copeland from its financial statements, as it no longer has a controlling interest, and initially recognized its common equity investment and note receivable at fair values of $1,359 and $2,052, respectively. The fair value of the common equity investment was determined using a discounted cash flow model, which included estimating financial projections for Copeland and applying an appropriate discount rate, and an option pricing model based on various assumptions. Fair value for the note receivable was determined using a market approach primarily based on interest rates for companies with similar credit quality and the expected duration of the note.

The Company records its share of Copeland's income or loss using the equity method of accounting. For the three and nine months ended June 30, 2023 the Company recorded a loss of $61 in Other deductions to reflect its share of Copeland's reported GAAP losses and a tax benefit of $10 in Income taxes related to Copeland's U.S. business, which is taxed as a partnership (in total, $0.09 per share). The Company recognized non-cash interest income on the note receivable of $10, which is reported in Interest income from related party and capitalized to the carrying value of the note.

As of June 30, 2023, the carrying values of the retained equity investment and note receivable were $1,296 and $2,063, respectively. During the three months ended June 30, 2023, the Company settled a note receivable and note payable with Copeland of $918, which is reported in Investing and Financing cash flows, respectively.

Summarized financial information for Copeland for the three and nine months ended June 30, 2023 is as follows. Copeland's results only reflect activity subsequent to the Company's divestiture of its majority stake.

 Three and Nine Months Ended June 30,
 2023 
Net sales $435 
Gross profit$108 
Income (loss) from continuing operations$(150)
Net income (loss)$(150)
Net income (loss) attributable to shareholders$(153)







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(11) OTHER FINANCIAL INFORMATION

Sept 30, 2022June 30, 2023
Inventories
Finished products$417 486 
Raw materials and work in process1,325 1,599 
Total$1,742 2,085 
Property, plant and equipment, net  
Property, plant and equipment, at cost$5,390 5,486 
Less: Accumulated depreciation3,151 3,218 
     Total$2,239 2,268 
Goodwill by business segment
Final Control$2,605 2,689 
Measurement & Analytical1,112 1,191 
Discrete Automation807 851 
Safety & Productivity364 398 
Intelligent Devices4,888 5,129 
Control Systems & Software732 672 
AspenTech8,326 8,330 
Software and Control 9,058 9,002 
     Total$13,946 14,131 
Other intangible assets  
Gross carrying amount$9,671